Frontier Communications Corporation · Corporate

Frontier Communications Corporation: bankruptcy, 2020

Frontier Communications Corporation: bankruptcy credit event on 2020-04-14, worked through from its SEC filings. The 8.500% Second Lien Secured Notes due 2026 (CUSIP 35906ABA5) are a Deliverable Obligation: all 7 checks pass. Each result cites the clause behind it, or says when it rests on the absence of a clause.

1 instrument · 8 questions · 2 documents

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Verified outcome

EligibleIs the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?

Basis. All 7 checks pass on the record: the issuer is the Reference Entity, the instrument meets the Maximum Maturity, Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics, and it is Not Contingent.

Source clauses

Indenture of 2018-03-19

DEFINITIONS
DEFINITIONS
Section 1.03 Rules of Construction . For all purposes of this
Section 1.03 Rules of Construction . For all purposes of this
Section 1.03 Rules of Construction . For all purposes of this
GUARANTEE
Frontier Communications Corporation

For 8.500% Second Lien Secured Notes due 2026

Reference entity: Frontier Communications Corporation
Credit event: Bankruptcy · 2020-04-14
Entity type: Corporate
Documents: 2 in the record

Instruments

Each obligation has its own page with terms and questions.

8.500% Second Lien Secured Notes due 2026Eligible
Frontier Communications Corporation · CUSIP 35906ABA5
8 questions

Questions and verified answers

Open a question for the verified answer, its basis and how it was checked. Clause links open the documents below.

#1 Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent?
Eligible
Indenture of 2018-03-19
#2 Does the instrument meet the Maximum Maturity characteristic (30 years)?
Yes
Indenture of 2018-03-19
- Frontier Communications Corporation
#3 Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)?
Yes
Indenture of 2018-03-19
- DEFINITIONS
- Section 1.03 Rules of Construction . For all purposes of this
#4 Does the instrument meet the Not Subordinated characteristic?
Yes
Indenture of 2018-03-19
- DEFINITIONS
- GUARANTEE
#5 Does the instrument meet the Not Bearer characteristic?
Yes
Indenture of 2018-03-19
- Section 1.03 Rules of Construction . For all purposes of this
- Section 1.03 Rules of Construction . For all purposes of this
#6 Is the instrument Not Contingent (principal not reducible for a reason other than payment)?
Yes
None: no clause making principal contingent was found.
#7 Does the instrument meet the Transferable characteristic?
Yes
None: no clause restricting transfer was found.
#8 Is the issuer of the instrument the Reference Entity?
Yes
No clause cited

#	Question	Verified answer	Source clauses
1	Is the instrument a Deliverable Obligation for this credit event, on 7 checks: the issuer is the Reference Entity; the Maximum Maturity (30 years), Specified Currency, Not Subordinated, Not Bearer and Transferable characteristics; and Not Contingent? Deliverability	Eligible	Indenture of 2018-03-19 DEFINITIONS DEFINITIONS Section 1.03 Rules of Construction . For all purposes of this Section 1.03 Rules of Construction . For all purposes of this Section 1.03 Rules of Construction . For all purposes of this GUARANTEE Frontier Communications Corporation
2	Does the instrument meet the Maximum Maturity characteristic (30 years)? Deliverable Obligation Characteristic	Yes	Indenture of 2018-03-19 Frontier Communications Corporation
3	Does the instrument meet the Specified Currency characteristic (USD, EUR, JPY, GBP, CHF, CAD)? Deliverable Obligation Characteristic	Yes	Indenture of 2018-03-19 DEFINITIONS Section 1.03 Rules of Construction . For all purposes of this
4	Does the instrument meet the Not Subordinated characteristic? Deliverable Obligation Characteristic	Yes	Indenture of 2018-03-19 DEFINITIONS GUARANTEE
5	Does the instrument meet the Not Bearer characteristic? Deliverable Obligation Characteristic	Yes	Indenture of 2018-03-19 Section 1.03 Rules of Construction . For all purposes of this Section 1.03 Rules of Construction . For all purposes of this
6	Is the instrument Not Contingent (principal not reducible for a reason other than payment)? Additional check	Yes	None: no clause making principal contingent was found.
7	Does the instrument meet the Transferable characteristic? Deliverable Obligation Characteristic	Yes	None: no clause restricting transfer was found.
8	Is the issuer of the instrument the Reference Entity? Reference Entity	Yes	No clause cited

Documents

The case record. 7 sections support the verified answers.

DOC-1 Frontier 8-K filed 2020-04-15, Item 1.03 Bankruptcy, petition 2020-04-14excerpts
DOC-2 Indenture dated March 19, 2018, $1,600,000,000 8.500% Second Lien Secured Notes due 2026 (EX-4.1)excerpts

Timeline

2018-03-19Indenture for the 8.500% Second Lien Secured Notes due 2026 (filed as Exhibit 4.1).
2020-04-14Frontier Communications Corporation and certain subsidiaries file Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York.

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